Redneck Bank Money Market Account 3.10% APY

The bank’s name doesn’t interest me that much, but the bank’s money market account yield sure does. With a 3.10% APY (hope it lasts though), what’s not to like?

First, a little background of Redneck Bank. It’s the online division of Bank of The Wichitas. According to the FDIC, Bank of The Wichitas was established in 1913 and it has been a member of the FDIC since January 1, 1934 (FDIC certificate number 4198). The bank is headquartered in Snyder, Oklahoma with only four branch offices in the state. As of September 2009, the bank has $91 million in total assets and $80 million deposits. Bankrate.com’s Safe & Sound Ratings rank Bank of The Wichitas 4 stars out of five.

Right now Redneck Bank is offering 3.10% APY for its Mega Money Market account with no minimum balance requirement (you do need at least $1 to open an account though) and no monthly fee. With the money market account, you will get

Free Redneck Bank Visa CheckCard

Free online banking

6 free withdrawals per month ($5 per withdrawal after that)

Overdraft privilege

Paperless monthly statements

While the bank support bank-to-bank fund transfer (Redneck Bank routing number 103113182), it’s not as straightforward as it could have been. According to the bank’s website, to qualify for bank-to-bank transfer, you will have to wait for 30 days after the account is opened and have the Visa CheckCard available. And you can only make $1,500 per transfer. This limit is way to lower by any standard for a savings account. It could be a painful process if you want to transfer a large amount. Though the bank says you can call Customer Service to request an increase in the limit, there’s no mention on the maximum amount allowed. It’s still not convenient.